The US dollar held near a three-month high on Tuesday (November 4th) as a divided Federal Reserve prompted traders to reduce their bets on a rate cut, while the Japanese yen strengthened after a verbal warning from Tokyo officials. The pound approached its lowest level since April after British Finance Minister Rachel Reeves, in a rare speech ahead of her November budget, said the budget would contain "tough choices," signaling the possibility of extensive tax increases. The Australian dollar weakened after the Reserve Bank of Australia kept its benchmark interest rate unchanged at 3.60%,...
Silver (XAG/USD) weakened on Tuesday to around $47.70 per ounce, down 1.10% on the day, after attempting to extend its recent rally beyond $49.50. Selling pressure increased as the US dollar (USD) strengthened, supported by expectations of tighter monetary policy from the Federal Reserve (Fed). The silver metal weakened amid the firmer tone recently adopted by several Fed officials, including Chairman Jerome Powell, who stated that another interest rate cut in December is "not on the cards." The market currently prices a roughly 65% chance of a rate cut at the December meeting, according...
Silver fell below $48 per ounce on Tuesday, sliding for the third straight session, as investors weighed the outlook for Federal Reserve policy while assessing the impact of easing US-China trade tensions. Last week, the Fed delivered a widely expected 25 bps rate cut, though Chair Powell stressed that another move in December is not guaranteed. Markets now turn to key US data releases, including ADP jobs and ISM PMI reports, for further guidance. Meanwhile, improving trade relations reduced safe-haven demand for precious metals. Over the weekend, the White House announced that China would...